• 8 Simple Money Saving Strategies to Help Your Finances 

    8 Simple Money Saving Strategies to Help Your Finances 

We talk a lot about how to prepare for your future in terms of later life costs. But what can you do right now to jumpstart your savings this year or even this month? It turns out that there are loads of simple money saving strategies that can help you start squirreling away for the future you want. 

Categories for Money Saving Strategies

Food

1. Eating

  • One easy way to save money on what you eat is to stop going out for lunch or dinner. Though the cost varies state to state, the average American spends $3,000 on dining out every year. That’s about $250 every month.
  • How often do you buy coffee at a coffee shop? Cutting out what seems like a minor daily expense can save you a lot of money. If you are spending $5 every weekday for a large pumpkin milkshake with coffee from a major cafe chain (we won’t say which one, but you all know which one we mean) that can cost you $100 every month.
  • In fact, if you replace water with some of those pricey beverages like cafe coffee and soft drinks, you can save some serious dough.

2. Grocery Shopping

  • Don’t shop when you’re hungry. This can lead to over-purchasing unnecessary items because when your appetite is piqued, everything looks good.
  • Keep an active shopping list. If you know your shopping list is up to date then you can cut down on buying things because you might need them. You can keep your shopping to things you know you will use.
  • Go generic instead of getting the brand names. Branded products are almost always more expensive than the grocery brand.
  • Try ordering your groceries online for delivery or pick-up. This way you will see your total before checkout and can stick to a budget. It also diminishes the likelihood of impulse purchases.

Bills

3. Automate Bills

  • Not only is having your bills automated a great relief of mental stress, but it can also save you money. With automated payments, your bills always get paid on time which means no more pesky late fees.
  • Going paperless can also save you a few dollars on monthly bills, so switching to online billing might be a good choice.

4. Cancel Things You don’t Use

  • Haven’t gone to the gym in the last two months? Cancel it. Don’t really read that magazine you subscribed to eight months ago? Cancel it. It’s easy to convince ourselves that we will start using the things we don’t, though if you are looking to save money it’s better just to let them go. 

5. Cut Down on Energy Costs

  • Get warm blankets. Not only are warm blankets just nice to have on hand, but it can also help you save on your heating costs. When you are all snuggled in at night under your warm blankets, you can turn the heat down to save on energy costs.
  • Line dry clothes instead of machine drying. This one depends more on your available space and whether you suffer from allergies — but line drying clothes can save on energy costs every week. An added benefit is your clothes last longer that way too, since they aren’t regularly exposed to high direct heat.
  • Unplug unused appliances to eliminate phantom electricity costs. When your appliances stay plugged in, they are still conducting a current of energy. Unplugging your microwave, alarm clock, toaster, and television when they aren’t being used can help cut costs every month.
  • If you have a little money to spend, you can get smart thermostats and lightbulbs to help cut out wasting electricity or keeping the heat on too high during the day.

Around the House

6. Borrow, Don’t Buy

  • Whether you are doing a fix or just a weekend project, if you can borrow an appliance or tool from someone don’t buy it. Especially if it is something you won’t use again.
  •  Renting equipment is also a good option. Want to give those old carpets a cleaning, rent a steam cleaner. Got a repair or home improvement project but don’t have the right tools? These can be rented as well.

7. Learn Simple Home Maintenance (within reason)

  • Replace air filters in heating ducts and air conditioning units regularly.
  • Check outdoor faucets in winter to make sure there is no water running. This can save on costly pipe repairs.
  • Vacuum refrigerator coils to allow the refrigerator to run more efficiently.
  • Check Youtube when planning your projects. There are literally thousands of pages for home improvement tutorials and some little fixes are far more simple than you might think.

8. Saving on Mortgage and Rent

  • If you have the funds by the end of the year, pay double on your mortgage in December. There is a tax deduction on interest and paying ahead can save you in interest in the long run.
  • If you are paying month to month, you can save by switching to a year lease. Since a lease mitigates the cost of occupancy, the monthly charge is often lower.

Looking for more financial tips, check out our FREE eBook 6 Money Planning Tips for Your Senior Living!

Twin Lakes is a continuing care retirement community in Cincinnati, Ohio, offering villa homes, apartments, rehab services and more. We’re focused on supporting the vibrant and active lifestyles of our residents so they can age well. For more information, contact Twin Lakes online or at 513-247-1300.

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